EPFO hikes interest rate to 8.65%, move to benefit 170 mn subscribers

The EPFO now will be left with a surplus of Rs 151.67 crore by providing an interest of 8.65 per cent for the current financial year

The Employees’ Provident Fund Organisation (EPFO) on Thursday approved of an increase in the interest rate on PF deposits to 8.65 per cent for 2018-19 from 8.55 per cent in the previous financial year. This is the first time in three years that it has announced a hike in the interest rate for its subscribers.

The proposed interest rate will now require a nod from the Ministry of Finance, said Labour and Employment Minister Santosh Kumar Gangwar, who chaired the central board of trustees meeting of the EPFO. A rise of 10 basis point in the interest